Question

Constructing and Analyzing Balance Sheet Amounts from Incomplete Data Selected balance sheet amounts for 3M Company, a manufacturer of consumer and business products, for three recent years follow.

$ millions Current Assets Long-Term Assets Total Assets Current Liabilities Long-Term Liabilities Total Liabilities Stockholders’ Equity*

2013 $12,733 $ $33,550 $ ? $ 8,104 $15,602 $17,948

2014   12,303 18,906 ? 5,964 12,103 ? 13,142

2015 ? 21,732 32,718 7,118 13,853 20,971 ?

a. Compute the missing balance sheet amounts for each of the three years shown.

b. What types of accounts would we expect to be included in current assets? In long-term assets?

Answer 1

a) Compute the missing balance sheet

Year	Current assets	long term assets	Total assets	Current liabilities	Long term liabilities	Total liabilities	Stockholder's equity
2013	12733	33550-12733 = 20817	33550	15602-8104 = 7498	8104	15602	17948
2014	12303	18906	12303+18906 = 31209	5964	12103	5964+12103 = 18067	13142
2015	32718-21732 = 10986	21732	32718	7118	13853	20971	11747

b)

Current assets	Long term assets
Cash	Long term investment
Account receivable	office equipment
Office supplies	Building
Prepaid expense	Furniture
Inventory	Other assets